PRESS DIGEST-British Business - May 7

May 7 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

- Tesla TSLA.O sold just over 500 vehicles in Britain in April, a drop of more than 50% from the previous month, as UK drivers increasingly opted for plug-in hybrids over fully electric vehicles.

- UK regional power distribution companies underspent by 290 million pounds ($387.1 million), or 22%, on maintaining and upgrading existing network assets in the 2023-24 financial year, attributing the shortfall to supply chain disruptions and labour shortages, per regulator data released last month.

The Guardian

- Britain and India finalized a trade agreement on Tuesday, slashing tariffs, projecting to add 4.8 billion pounds annually to the UK economy by 2040, concluding over three years of talks and marking a key Brexit achievement.

- John Lewis chairman Jason Tarry will earn more than 1.3 million pounds this year, a 20% increase over his predecessor, Sharon White, as he takes a more hands-on role.

The Telegraph

- British cars and steel may face reduced U.S. tariffs under a nearing trade deal between UK Prime Minister Keir Starmer and the U.S., with negotiators close to agreeing on lower tariffs up to a quota for UK vehicle, steel and aluminum exports, potentially finalizing this week.

- The European Union is drafting legislation that could allow British bankers and lawyers to work in the EU by establishing common rules for recognizing qualifications of third-country nationals, with the European Commission aiming to implement the measures as early as next year.

Sky News

- Buyout specialist CVC Capital Partners CVC.AS is in early talks to launch a six billion-pound takeover bid for Avolta AVOL.S, potentially partnering with the billionaire Benetton family, which holds a significant minority stake post the 2023 Autogrill-Dufry merger.

- Deliveroo ROO.L has agreed to a 2.9 billion-pound takeover by U.S.-based DoorDash DASH.O, with DoorDash calling the offer final but open to revision if a rival bid emerges.

The Independent

- Cabinet minister Pat McFadden will call the recent cyber attacks on major UK retailers a "wake-up call," urging businesses to prioritize cybersecurity as he announces a 16 million-pound government package to strengthen cyber defenses for British organizations at home and abroad.

($1 = 0.7491 pounds)